The Australian Stock Exchange (ASX) has questioned the increase in Coal of Africa Limited's share price in the last day.
The ASX asked CoAL, the coal development company operating in South Africa, if it knew the reason behind the change in the price of its securities from Aus$1.74 at close on Thursday to Aus$1.935 on Friday.
But CoAL said the company was not aware of any information concerning it that has not already been announced, which, if known could be an explanation for recent trading in the securities of the company.
It said it was therefore "unable to provide an explanation for the increase in price of the company's securities".
CoAL said last month that it was considering scrapping its listing on the ASX as part of its move to London's main bourse.
The company is currently listed on three securities exchanges: the ASX, the AIM Market of the London Stock Exchange (LSE) and the main board of JSE Limited.
Late last year the company announced its plans to de-list from AIM and seek simultaneous approval for admission to the official list and to trading on the LSE Main Market.
"In connection with this move and in order to address the requirements for inclusion in the FTSE Index UK series, the company is also considering de-listing from the ASX following the LSE Admission," the company said at the time.
The company said its move to London's main market was driven by the growing size of the company and its mining assets, as well as its predominantly London-focused institutional investor base and share trading liquidity.
It said a move to the main market of the LSE represented "the next logical step in CoAL's exciting development trajectory".
At 11.04am shares in CoAL were trading 4.02 percent or 49 cents firmer at R12.69 on the JSE. The stock has gained 10.35 percent or R1.19 this month to date. - I-Net Bridge